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\begin{tabular}{lc} \hline
 & (1) \\
VARIABLES & FD\_l\_hhi \\ \hline
 &  \\
l\_va\_total\_FD & 0.298*** \\
 & (0.0933) \\
Constant & -0.0708*** \\
 & (0.0155) \\
 &  \\
Observations & 4,825 \\
R-squared & 0.086 \\
Sector FE & Yes \\
Year FE & Yes \\
Sector-Year FE & No \\
 Cluster & Sector \\ \hline
\multicolumn{2}{c}{ Robust standard errors in parentheses} \\
\multicolumn{2}{c}{ *** p$<$0.01, ** p$<$0.05, * p$<$0.1} \\
\end{tabular}
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